Global fallout for banks (investment, commercial, retail, and private) since the financial crisis has been profound and life-changing. It would be an understatement to say that increased levels of regulation, stringent focus on risk management, reduced levels of lending (and resultant lower margins) – coupled with a shift of power from organisations to customers (driven by digital) – have created challenging business conditions. Add to this list the arrival of new competition from Fintech disruptors and the truth looks even starker.
Financial institutions know what they need to do to change to an era of agility – but are too often encumbered by legacy proprietary systems. At the heart of the change is data and acquiring the ability to leverage it, in real time (regardless of source) to drive effective business decisions and move towards the Nirvana of customer centricity.